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Federal Bank Ltd
Posted Date: 04 Dec 2007 Resource Type: Articles/Knowledge Sharing Category: Education
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Posted By: Mala Member Level: Diamond
Rating:  Points: 4
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The purpose of the loan is to make available financial assistance to the needy and deserving students of bright academic record so as to enable them to continue higher studies in India or Abroad either in diploma/graduation or post-graduation level in Arts, Science, Commerce, Management, Medicine and Engineering.
Eligibility to get Loan from Federal Bank Ltd:
Under this scheme the loan can be sanctioned to any student of Indian nationality who intends to join any of the approved courses in an Educational Institution recognised by the government or any University in India or Abroad.
Courses Approved Federal Bank Ltd:
A - Category:- Academic courses such as Diploma, Graduate/Post-Graduate courses in Arts, Science and Commerce etc.,
B - Category:- Professional courses such as Diploma, Graduate/Post-Graduate courses in Engineering, Medicine, Dental Science, Agricultural Science, Veterinary Science, Computer Science, Nursing, Pharmacy, Business administration, Law etc.,
Type of Loan-Federal Bank Ltd:
The loan account shall be operated as a term loan. To facilitate flexibility in operation, future debits on account of recurring expenses in each semester/year can be made to this account.
Margin-Federal Bank Ltd:
The margin is NIL for courses in India. For foreign studies a minimum margin of 10% is to be insisted on.
Amount of Loan-Federal Bank Ltd: (Rs in Lakhs)
Place of studies
In India : Minimum 0.50 Lakhs , Maximum 5.00 Lakhs
Abroad : Minimum 0.50 Lakhs , Maximum 10.00 Lakhs
Rate of Interest in Federal Bank Ltd:
Upto Rs.5 lakhs 13.5 %
Above Rs.5 lakhs 14.5 %
Period of Loan in Federal Bank Ltd:
The period of the loan consists of the period required for the completion of the course and that meant for repayment of the loan. The repayment should begin within 12 months on the completion of the course or after the student secures employment whichever is earlier.
Maximum period of the loan : 11 Years
Minimum period of the loan : 3 Years
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